ADA Up 22% In Last 7 Days; Remains On Track To Test $0.6 Barrier
02 August 2022 - 5:40AM
NEWSBTC
It’s game face on for the bulls as Cardano (ADA) swerved up to
$0.54 as seen overnight. ADA price spotted below key resistance
level of $0.55. Meanwhile, traders are optimistic that a looming
breakout may happen up to $0.6 by next week. Cardano (ADA) price is
on a bull run as the price shoots way up forming a bullish hammer
pattern seen on the daily chart. The uptrend precipitated on July
27, 2022 with the price spotted at $0.45 has pushed ADA price to
incredible heights with its 30-day high of $0.55. ADA Seen Spiking
To $0.6 In The Coming Days As of press time, ADA price is seen
under the $0.55 resistance zone with a triple top formation
circling the area. More so, ADA price has soared by over 22% in the
past five days and can still spike to as high as $0.6 in the coming
days. The crypto market has been showing confusing signals
overnight especially as BTC jumped close its target of $24,000 mark
and with Ethereum consolidating at $1,700. Consequently, XRP
plunged to $0.39 along with DOGE that also declined by $0.07.
Moreover, SOL also plunged by 4% and DOT spiked by 6%. Judging by
the 24-hour chart, ADA price is seen to cascade and form an
extending ascending triangle pattern peaking a 30-day high seen at
$0.55. ADA price spike was followed by the formation of a sideways
pattern with the price range of $0.45 to $0.50. ADA’s RSI Signals A
Bullish Momentum It’s 24-hour RSI signals that it is drawing close
the overbought zone spotted at 60.09, which could either trigger a
bull run or could pull ADA price further downwards. ADA trading
volume in the past 24 hours has seen a plunge of 24% which suggests
that traders are on pause to figure out the next pattern. More so,
the MACD or Moving Average Convergence Divergence curve still shows
bullish momentum and has been gaining a lot of traction with
bullish divergence. Around 53 Fintech experts laid out their price
prediction for Cardano in July 2022. These crypto specialists
predicted that ADA is set to end 2022 at a price of $0.63.
Basically, judging by the current ADA price of $0.5, the forecast
gives a pump in price of 26% by the end of 2022. Cardano initially
had a higher price forecast of $2.79 in January but its rivals such
as Polkadot, Tron, Polygon, Solana, Avalance, and BNB Chain gives
the coin a “win it or lose it” game plan. There is basically no
gray area for ADA or other altcoins at this point. Moreover, other
Fintech experts say that Cardano seem to fall short in terms of
delivery of updates as well as in attracting more projects.
ADA total market cap at $384 billion on the daily chart | Source:
TradingView.com Featured image from ZyCrypto, chart from
TradingView.com
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